Simplicity Wealth LLC Acquires Shares of 13,798 Truist Financial Corporation $TFC

Simplicity Wealth LLC bought a new position in shares of Truist Financial Corporation (NYSE:TFC) during the second quarter, Holdings Channel.com reports. The firm bought 13,798 shares of the insurance provider’s stock, valued at approximately $687,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Auto Owners Insurance Co lifted its stake in shares of Truist Financial by 4,821.0% in the 4th quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider’s stock valued at $697,428,000 after purchasing an additional 13,884,480 shares during the period. Wellington Management Group LLP grew its stake in Truist Financial by 13,511.7% in the third quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider’s stock worth $474,886,000 after purchasing an additional 10,310,523 shares during the period. Norges Bank purchased a new stake in Truist Financial in the fourth quarter worth $502,340,000. Bank of New York Mellon Corp bought a new position in Truist Financial in the second quarter worth $338,855,000. Finally, American Assets Investment Management LLC raised its holdings in Truist Financial by 781.2% in the fourth quarter. American Assets Investment Management LLC now owns 3,384,000 shares of the insurance provider’s stock worth $166,527,000 after purchasing an additional 3,000,000 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Insider Buying and Selling at Truist Financial

In other Truist Financial news, CEO William H. Rogers, Jr. sold 13,250 shares of the stock in a transaction on Monday, July 20th. The stock was sold at an average price of $52.36, for a total transaction of $693,770.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director K. David Jr. Boyer sold 3,986 shares of Truist Financial stock in a transaction on Thursday, July 23rd. The stock was sold at an average price of $50.70, for a total value of $202,090.20. Following the completion of the sale, the director directly owned 10,270 shares of the company’s stock, valued at approximately $520,689. The trade was a 27.96% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 30,516 shares of company stock worth $1,584,428. Insiders own 0.15% of the company’s stock.

Truist Financial Stock Down 1.0%

Shares of Truist Financial stock opened at $52.58 on Tuesday. The company has a 50-day simple moving average of $51.21 and a two-hundred day simple moving average of $49.81. The stock has a market capitalization of $64.23 billion, a PE ratio of 12.06, a price-to-earnings-growth ratio of 1.12 and a beta of 0.89. Truist Financial Corporation has a 52-week low of $40.78 and a 52-week high of $56.19. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.86 and a current ratio of 0.86.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.15. The firm had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.24 billion. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The business’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.91 earnings per share. On average, analysts anticipate that Truist Financial Corporation will post 4.58 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be given a $0.52 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.08 annualized dividend and a yield of 4.0%. Truist Financial’s dividend payout ratio is 47.71%.

Analysts Set New Price Targets

Several brokerages have commented on TFC. Wall Street Zen raised Truist Financial from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. UBS Group downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $58.00 to $55.00 in a research report on Tuesday, July 7th. JPMorgan Chase & Co. increased their price target on shares of Truist Financial from $53.00 to $54.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 29th. Evercore reissued an “outperform” rating and set a $57.00 price target on shares of Truist Financial in a research report on Monday, July 6th. Finally, Raymond James Financial reissued a “market perform” rating on shares of Truist Financial in a research note on Wednesday, July 1st. Seven research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $54.67.

About Truist Financial

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.